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Appendix 1 Adjusting entry for gross method The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4: a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts. b. How would sales and accounts receivable be reported on the financial statements for the year ending June 30, 20Y4?
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
Appendix 1
Adjusting entry for gross method
The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4:
a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts.
b. How would sales and accounts receivable be reported on the financial statements for the year ending June 30, 20Y4?
a.
Journalize the adjusting entry for estimated sales discount on June 30, 20Y4.
Explanation of Solution
Sales is an activity of selling the merchandise inventory of a business.
Gross method: Under the gross method of recording sales, an invoice is recorded for the entire sales amount, without recording any discount. If the customer, pays the due within discount period, then sales discount would be recorded as a debit to sales on the date of payment.
Journalize the adjusting entry for estimated sales discount on June 30, 20Y4.
| Date | Accounts and Explanation | ... |
b.
Describe the reporting of sales and accounts receivable on the financial statement of Company S for the year ending June 30, 20Y4.
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